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5 December

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1. Introduction
2. Tax planning
3. The hidden education tax


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Tax

1 Introduction

Personal Allowances £
Basic 4385
Age 65-74 5790
Age 75 & over 6050
Married couples basic Nil
Married couples 65-74* 5185
Married couples 75 & over* 5255

* restricted to 10%

Income Tax Rates after Personal Allowance £
10% on first 1520
22% on next 26880
40% on income over 28400

Income Tax
The basic rate of tax is 22%, as announced in the Budget. However, between 1992/93 and 1999/2000 the number of 40% taxpayers rose by a third, as earnings outpaced the rise in the threshold for higher rate tax. (Inland Revenue Statistics 1999 and ONS). In 2000/01 you may discover that you too have joined the higher rate taxpaying club.







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